Coca-Cola Hellenic Bottling Company (HBC) has announced plans to invest $1 billion in Nigeria over the next five years as part of its continued expansion in the country. The announcement was made during a meeting between President Bola Tinubu and the global leadership of Coca-Cola, including John Murphy, President and Chief Financial Officer of Coca-Cola, and Segun Apata, Chairman of Nigerian Bottling Company.
Zoran Bogdanovic, CEO of Coca-Cola HBC, highlighted the company’s confidence in Nigerian government policies as a key factor in its decision to commit to the significant investment. He emphasized that since 2013, Coca-Cola has invested $1.5 billion in Nigeria to expand capacity, upgrade supply chain infrastructure, and enhance training and development programs.
“With a predictable and enabling environment, we are pleased to announce that we plan to invest an additional $1 billion over the next five years. We believe in Nigeria’s tremendous potential and are committed to working with the government to realize this potential,” Bogdanovic said. He also noted that the company was encouraged by President Tinubu’s assurances that foreign investors can repatriate dividends and profits freely.
President Tinubu welcomed Coca-Cola’s investment pledge, underscoring the importance of private-sector partnerships in driving his administration’s reforms aimed at improving Nigeria’s business environment. He assured Coca-Cola of the government’s commitment to supporting the company’s expansion and addressing environmental issues, including climate change.
“Private sector partnerships, which sustain investments, are central to my government’s far-reaching reforms to enhance the business climate,” Tinubu said. He added, “The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily.” Tinubu also praised Coca-Cola for its dedication to skills development, community initiatives, and job creation, noting the company’s impact through its nine production facilities, which employ over 3,000 people.
John Murphy, representing Coca-Cola, outlined the company’s substantial operations in Nigeria, noting that Coca-Cola generates approximately N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government. “We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians,” Murphy stated.
Murphy also emphasized Coca-Cola’s commitment to community support and sustainability, highlighting the company’s focus on water, packaging, and other environmental initiatives. “Beyond the financial impacts, we are also very committed to supporting the communities,” Murphy noted.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, addressed skepticism surrounding Coca-Cola’s renewed investment pledge in a post on his official X (formerly Twitter) account. Onanuga acknowledged that a similar promise made in 2021 could not be fulfilled due to the challenging business environment at the time. However, he noted that the renewed pledge is based on the stable environment promised under Tinubu’s economic stabilization plan.
“Our investment pledges are always predicated on a predictable and stable environment,” Onanuga stated, underscoring the renewed confidence brought by the current government’s economic reforms.
Coca-Cola’s investment commitment is seen as a strong endorsement of Nigeria’s economic potential. The announcement also echoes sentiments expressed in 2021 by former Vice President Yemi Osinbajo, who commended Coca-Cola’s planned investment as a testament to the opportunities within the Nigerian economy.
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